Business
ClearPoint Neuro Reports First Quarter 2023 Results
Biologics & Drug Delivery growing +24%; Company Reaffirms 2023 Revenue Forecast SOLANA BEACH, Calif., May 11, 2023 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc.
About this update from Clearpoint Neuro Inc.
[{"type":"text","content":"Biologics & Drug Delivery growing +24%; Company Reaffirms 2023 Revenue Forecast\nSOLANA BEACH, Calif., May 11, 2023 (GLOBE NEWSWIRE) -- ClearPoint Neuro, Inc. (Nasdaq: CLPT) (the “Company”), a global therapy-enabling platform company providing navigation and delivery to the brain, today announced financial results for its first quarter ended March 31, 2023. First Quarter Highlights Reported quarterly revenue of $5.4 million, a 8% year-over-year increase;Increased biologics and drug delivery revenue to $2.7 million, a 24% year-over-year increase;Announced exclusive multi-year licensing agreement with UCSF for Innovative Intra-Cerebral Cellular Delivery Platform;Added multiple new biologics and drug delivery partners in the quarter to bring the total to more than 50;Installed two additional ClearPoint Navigation systems in the quarter;Installed two additional Prism Laser Therapy systems in the quarter;Began development of new operating room-based software through an extended partnership with Philips and New England Scientific;Submitted construction plans for our new manufacturing site in Carlsbad, California;Cash and short-term investments totaled $31.7 million as of March 31, 2023. Business Outlook The Company reaffirms its full year 2023 revenue outlook of between $25.0 and $27.0 million. “ClearPoint enjoyed another record quarter, driven by our continued focus on biologics and drug delivery pre-clinical services which we provide to our growing list of biotech and pharma partners,” commented Joe Burnett, President and CEO of ClearPoint Neuro. “Our four-pillar growth strategy continues to make progress, and to be the backbone of our vision and success as it has informed a number of very important strategic pivots over the past couple of years including expanding pre-clinical services and capabilities, entering the therapeutic device market with the PRISM Laser Therapy System, and evolving our navigation platform beyond the MRI and into the operating room. We believe we are well-positioned for the future and that is a testament to our world class management team and every ClearPoint employee that is dedicated to serving our patients and our customers. Our first quarter performance for both revenue and cash usage are in-line with our plan, and we continue to expect 2023 revenue to be in the range of $25 - $27 million representing 2...